FINANCE: THEORY AND PRACTICE
Vol. 26, No. 2’2022
FINANCETP.FA.RU
75
INTRODUCTION
In modern conditions, innovation activity
is a key tool for the development of the
national
economy and scientific and
technological achievements. Speaking
about companies
in industrial sectors,
the author notes that their activity in the
implementation of innovation activities
becomes a prerequisite for increasing
and maintaining the competitiveness of
a particular country in the international
community in the long term. It should be
noted that in the context of digitalization of
the business environment and globalization
taking place around the world, the role of
innovation is increasing over time, so the
authors believe that there is a need to
stimulate the activity of industrial sectors
to produce and sell innovations through
the development of a financial model that
includes the possible practical application
of modern
achievements of the digital
economy.
Despite the fact that attempts have been
made in Russia to develop areas of innovation
activity among companies in industrial
sectors, with the international comparison
of the global innovation index, there are
issues in stimulating business to the practical
implementation of innovation projects. Thus,
according to the results of 2020, the value
of the above parameter is 35.6% for Russia,
slightly higher in the ranking of countries
are Latvia (41.1%), Slovenia (42.9%), while
Germany should be singled out among
European countries with index in the amount
of 56.6%, as well as the leader of this rating —
Switzerland (the global innovation index
reached 66.1%).
1
As a result of an independent study, the
authors identified significant obstacles to
the development of innovation activities
of industries: a lack of equity in companies,
rather high costs for the implementation of
innovation projects, the presence of financial
risk of losing the company’s solvency, as
1
Global Innovation Index 2020 Rankings. URL: https://www.
globalinnovationindex.org/gii-2020-report# (accessed on
08.11.2021).
well as the
lack of budget financing of
innovations and state material support within
the framework of ongoing national projects
and development strategies [1]. Given the
above results of the author’s research, it was
concluded that the key reason for Russia’s
lagging behind other countries in the
development of the innovation activity of
companies in industrial sectors is the financial
restrictions of business, which do not allow to
significantly increase the innovation activity
of the domestic economy.
The relevance of the chosen research topic
lies in the fact that in order to stimulate
companies in
the industrial sectors to
produce and implement innovations in the
market, special attention should be paid
to financial support measures within the
framework of public policy. For example,
this is evidenced by the experience of
European countries, which have focused
on the implementation of projects for the
production of innovations by companies,
including financial support for research
and development (hereinafter referred to as
R&D), as well as on the commercialization of
the result. At the same time, according to the
authors, it is necessary to develop a financial
model that will increase the innovation
activity of companies in industrial sectors
and the country as a whole by overcoming
significant
problems that negatively
affect the economic potential of Russian
entrepreneurship.
For the successful development of
innovation
areas in industrial sectors,
the importance of a smooth transition of
companies to digitalization processes, the
role of which is growing in modern realities,
should be noted. This state of affairs will lead
to the fact that an increase in the innovation
activity of business and, accordingly, economic
growth, reflected in the value of the gross
domestic product (hereinafter referred to as
GDP), will be achieved. However, in recent
years there has been a very low level of
innovation activity of companies in industrial
sectors. In 2018 this figure was 15.6%, in 2019
it slightly decreased to 15.1%, and in 2020
S. A. Manshilin, A. F. Leshchinskaya